in washington. and if people start seeing that on january 1st this problem still has not been solved. if they save that people's taxes have gone up, which means consumer spending is going to be depressed, then obviously that will have an adverse reaction on the markets. lou: and, of course, that is exactly what has transpired as we now approach the onset of sequestered. took a long time, but president obama today finally reach out to the republican leaders to talk sequester, talking by phone with the speaker and senate minority leader mitch mcconnell. fox news chief white house correspondent ed henry has our report. >> with just eight days ago, president obama please call today on the budget calamity to speaker of the house and senate minority leader. mccaw's office said it was the first time mr. obama called in since new year's eve. as white house officials faced questions on whether the buck stops with the president. >> the president is commander in chief, and he is very concerned. that is why he